A Land Use Application was recently filed with the City of Bellevue by SRM Development regarding the previous site of Silver Cloud Inn. The property is located at 10621 Northeast 12th Street, across the street from a neighborhood park.
The proposal is to construct 239 multifamily residential units and 220 below-grade parking stalls. Plans for “Silver Cloud” include seven levels of residential floors.
According to city records, two residential buildings connected by an underground parking structure is the preferred design option. The project seeks to create a “dynamic, urban environment” with dense housing, landscaping, and strategically placed open space that enhances the City Center North portion of Downtown Bellevue.
According to a representative for SRM Development, they are still very early in the design process and the information regarding the project is subject to change as they move through the entitlement process with the City of Bellevue.
An investment group led by SRM Development and Northwest Commercial Real Estate Investing purchased the Silver Cloud Inn property. They hired Studio Meng Strazzara and SRM Interiors for the architecture and interiors.
Construction is expected to commence in 2023.
SRM Development purchased the Silver Cloud Inn for $30 million, according to public records. The site is 1.23 acres and currently has 40,642 square feet of a developed building (the hotel).
Source: Downtown Bellevue Network